THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, January 28, 1995 TAG: 9501270817
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 22 lines
NationsBank Corp., the third-largest banking company in the country, has agreed to pay $6.2 million to settle a class-action lawsuit on behalf of 55,000 borrowers. The borrowers claimed they were improperly billed for loan insurance on cars, boats and trucks. NationsBank said it expects the settlement to be approved Feb. 16 by U.S. District Judge William Hoeveler in Miami. Charlotte-based NationsBank admitted no wrongdoing. Under the settlement, borrowers will receive an average of $91 each, a NationsBank spokeswoman said. (Bloomberg) by CNB